Last Updated: April 2024 (Red Bank, NJ)
Nabil Bouab Investigation Summary
Here’s what you need to know about Red Bank, NJ, stockbroker Nabil Bouab:
- Name: Mr. Nabil Bouab
- Current Employer: Garden State Securities, Garden State Investment Advisory Services
- Previous Firms: American Portfolios Financial Services, Lantern Investments, Royal Alliance Associates
- Function: Stock Broker/ Financial Advisor/ Registered Investment Advisor
- Aliases: Bilo Bouab
- Primary Location: Red Bank, NJ
- CRD 4340284
- Can Nabil Bouab be sued in FINRA arbitration: Yes
- Sanctioned by FINRA: Yes
- Highest Settlement or Award: $145,000
- Pending Customer Dispute Seeks Damages of between $100,000 -$500,000
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Nabil Bouab As Your Stockbroker?
Nabil Bouab settled two cases with customers of American Portfolio Financial Services in 2023. Both customers alleged violation of the Best Interest Regulation, failure to supervise, negligence, violation of state and federal securities laws and other claims. One case settled for $135,000 and the other for $145,000.
In 7/2023 another customer of American Portfolio Financial Services filed a FINRA arbitration with similar allegations. Damages of between $100,000 and $500,000 are sought in this currently pending matter.
Bouab was fined $5,000 and suspended for 20 days by FINRA in 2015 for impersonating a client during telephone calls with the client’s outside brokerage firm in order to place rebalancing trades in the client’s account. FINRA found that Bouab also caused a sales assistant to impersonate the client’s wife to effect trades in the wife’s account at the same brokerage firm.
Royal Alliance permitted Nabil Bouab to resign for impersonating a client with their permission in violation of company policy.
Allegations of Broker Misconduct Against Nabil Bouab
Customers of Nabil Bouab have alleged the following wrongdoing in connection with the handling of customer accounts:
- Breach of Written Contract
- Breach of Fiduciary Duty
- Violation of the Best Interest Rule
- Violation of state and federal securities laws.
[LEARN MORE]: Firms Have a Duty to Supervise their Financial Advisors (FINRA Rules 3110 & 2090)
Brokers and their firms have a duty to comply with the FINRA suitability rule which requires that they have a reasonable basis to believe that a recommendation is suitable for the customer.
[LEARN MORE]: FINRA Rule 2111- suitability
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Recover Your Investment Losses Now With Rex Securities Law
[LEARN MORE]: Investigations of other American Portfolio Financial Services Brokers
If you have suffered investment losses in an account handled by Nabil Bouab, contact us for a complimentary consultation with an experienced securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
With offices in Boca Raton, FL and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors and broker dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
